AM Best goes negative on most James River units and downgrades JRG ReAM Best has revised its outlook on “most of” James River Group’s rated operating subsidiaries to negative from stable, while the agency has also cut JRG Reinsurance Company’s financial strength rating to B++ from A-.
AM Best maintains negative outlook for German non-lifeAM Best has maintained its negative outlook for the German non-life insurance segment owing to subdued growth prospects driven by persistent claims inflation and the competitive environment.
AM Best: SiriusPoint financial strength “shielded” from CM parent impactAM Best has commented that SiriusPoint’s A- (Excellent) financial strength rating and “a-” long-term issuer credit ratings are unchanged following reports that shareholder CM Bermuda’s parent has been taken into private receivership.
IAG upgraded to AA by S&PS&P has raised the long-term financial strength and issuer credit ratings it holds for IAG’s core entities to AA from AA-.
AM Best goes positive on Definity after improved UW resultsAM Best has revised the outlooks to positive from stable and affirmed the financial strength rating of A- (Excellent) of Canadian insurer Definity Insurance Company.
AM Best revises Lancashire ICR outlook back to stableAM Best has revised the outlook to stable from negative for Lancashire’s long-term issuer credit rating of a+, with its A financial strength rating’s outlook maintained at stable.
Moody’s: USI grew revenues 14% to $2bn in 9M 2023USI grew overall revenue 14.6 percent in the first nine months of this year to $2.0bn, according to Moody’s, which expects the US broker’s organic growth rates to decline in the year ahead.
Ategrity Specialty’s rating outlook revised from negative to stable by AM BestAtegrity Specialty has had the outlook on its key A- financial strength rating revised from negative to stable by AM Best, with the agency pointing to the ability of the E&S carrier’s management to execute on steps to reduce underwriting volatility and improve profitability.
S&P upgrades Lloyd’s financial strength rating to AA-S&P has upgraded Lloyd’s financial strength rating to AA- from A+ and maintained its stable outlook.
AM Best affirms Generali’s A ratingGenerali’s financial strength rating of A and long-term issuer credit rating of “a+” have been affirmed by AM Best, with the rating agency handling the Italian insurer a stable outlook.
Nationwide P&C Group’s FSR downgraded to A by AM BestAM Best has downgraded Nationwide Property & Casualty Group’s financial strength rating to A from A+ after the agency revised its business profile assessment on the carrier to neutral from favourable.
Moody’s maintains negative global P&C insurance outlook for 2024Moody’s has maintained its negative outlook on the global P&C insurance sector for the year ahead amid continued profitability constraints due to claims inflation and elevated natural catastrophes.
United Heritage’s UHPC and Sublimity subsidiaries have FSRs cut by AM BestUnited Heritage Financial Group’s operating subsidiaries United Heritage Property & Casualty Company (UHPC) and Sublimity Insurance Company have had their financial strength ratings (FSR) downgraded to C++ and B respectively by AM Best following a “material decline” in their policyholder surpluses in Q3 2023.
AM Best stays negative on US personal lines amid results deteriorationAM Best has maintained its negative market segment outlook on the US personal lines insurance segment for 2024 because of continuing deterioration in results for the personal auto and homeowners’ lines of business, along with rising loss costs driven by inflationary pressures.
AM Best keeps Argo under review with developing implications after takeoverAM Best has maintained the under review with developing implications status for Argo Group International Holdings, with the rating agency expecting to meet with management to complete its assessment of the Bermudian’s post-acquisition rating fundamentals.
AM Best maintains stable outlook for global reinsuranceAM Best has maintained its stable outlook for the global reinsurance sector, citing substantial rate improvement, primarily in property lines, alongside increased demand for coverage.
AM Best assigns MGT’s newly acquired CM Select A- FSRMGT Partners’ newly acquired CM Select Insurance Company has been assigned a financial strength rating of A- along with a long-term issuer credit rating of a-, with the outlook on both set at stable.
European reinsurers’ income RoE surges to 21% for 9M 2023: Fitch RatingsNet income return on equity for Europe’s four main reinsurers has surged by 18 percentage points to 21 percent for the first nine months of 2023, with Fitch Ratings maintaining its “improving” outlook for the global reinsurance sector.
GIC Re handed positive AM Best outlook on ERM turnaroundGIC Re has had the outlook on its long-term issuer credit rating revised to positive from negative by AM Best, which the rating agency said reflected an improvement in the state-backed reinsurer’s balance sheet strength and ERM fundamentals.
S&P places 15 Bermuda insurance companies on negative CreditWatchS&P Global Ratings has placed 15 Bermuda insurance holding companies’ long-term issuer credit ratings on CreditWatch with negative implications following the release of its finalised insurance rating criteria last week.